Mortgage Rates: 30-Year Climbs Higher but 15-Year Edges Lower in the Week Ending May 12, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%. A year ago, at this time, the 30-year FRM averaged 2.94%.

The 15-year fixed-rate mortgage averaged 4.48% with an average 0.9 point, down from last week when it averaged 4.52%. A year ago, at this time, the 15-year FRM averaged 2.26%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98% with an average 0.3 point, up from last week when it averaged 3.96%. A year ago, at this time, the 5-year ARM averaged 2.59%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater, said:

“Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago. Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.”